Cannasouth Ltd (NZX:CBD) has signed a Sale and Purchase Agreement (SPA) of assets of its manufacturing subsidiary, Midwest Pharmaceutics NZ Ltd (Midwest), with Midwest's cornerstone customer Harker Herbal Products Ltd (Harker Herbals).
The SPA is for $2.2 million plus stock at valuation and the sale is subject to a number of conditions, with completion expected on or around 31 January 2023.
The divestment of the Midwest liquid filling assets will reduce the need for the Company to invest further capex into Midwest for GMP compliant cannabinoid medicines.
Harker Herbals is a well-known health and wellness brand in New Zealand and is exported globally.
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